Older Idahoans' Cracked Nest Eggs Drive Home Need To Fix Wall Street

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AARP Idaho

Apr 30, 2010, 11:32 ET

Sinking Value of Retirement Savings, 401k’s & Investments of 65+ in Idaho Highlight Case for Financial Reform

BOISE, Idaho, April 30 /PRNewswire-USNewswire/ -- Retirement insecurity is now the case for many older Idahoans as their nest eggs cracked and in some cases, simply shattered.  Now, with Congress debating the issues that left older Americans struggling in their retirement, two AARP surveys show the 50 plus have simply had enough, and want Wall Street cleaned up for good.  

One survey of Idahoans aged 65 and older, and a second national survey of people 50 and older, show the impact of the financial meltdown on those who saw their retirement savings slip away due to poor practices and what they now want done about it.  

According to the Idaho survey, almost half of Idaho’s 65 plus population reported their personal finances are in fair or poor condition (as opposed to good or excellent), while nearly 40% have seen their retirement investments plummet.  

The Association is calling on Senators Mike Crapo and Jim Risch to back financial reform measures being debated by Congress addressing the issues which forced older Idahoans into even tougher economic times.   The measures would help ensure an investor’s retirement security isn’t compromised by reckless behavior and enable them to better understand the risk involved in the products they are buying.

In Idaho, the survey found that while 401k’s, savings and retirement plans sank and the cost of living rose for over 70% of the state’s 65 plus population, the importance of Social Security in their household budgets soared, with 97% of older Idahoans saying the check was important to their monthly expenses.

Nationally, those aged 50 and older overwhelmingly want something done – and the call for Congressional action spans across party lines, according to an AARP survey.  Key issues they want addressed:  

  • Enabling consumers to check an investment advisor’s record for prior violations or misconduct: 93% support (Republicans: 95%, Democrats: 89% and Independents: 95%).  
  • Making accountable those who engage in deceptive marketing practices: 90% (Republicans: 92%, Democrats: 89% and Independents: 90%).  
  • Requiring investment companies to disclose the costs, risks and benefits of financial products in plain language: 92% (Republicans: 91%, Democrats: 91%, Independents: 95%).  
  • Requiring banks to explain the terms and conditions of loans, including mortgages and credit card debt, in language everyone can understand: 96% (Republicans: 98%, Democrats: 95% and Independents: 96%).

The Idaho survey, The Economic Well Being of 65+ Idahoans, can be found here:  http://www.aarp.org/research/surveys/money/econ/trends/articles/id_ewb_10.html

The national AARP survey, Consumer Financial Protection: Opinion of People Aged 50+, can be found here: http://www.aarp.org/research/surveys/money/consumers/fraud/articles/finprotect_10.html

AARP is Idaho’s largest membership organization with 180,000 members.

Follow us on Twitter @AARPIdaho and Facebook: AARP Idaho

SOURCE AARP Idaho

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